Savannah Fortis
Tech giant Samsung announced it will utilize blockchain technology to upgrade security protocols for all of its smart devices.
Knox Matrix is its new blockchain-based security solution for “cross-device experiences.” This means the security layer covers all Samsung devices, from smartphones to home appliances, within the network.
Samsung said Knox Matrix will work as an individual’s “own private blockchain system,” with all of one’s interconnected devices equipped with the blockchain multilayered monitoring. This includes electronics such as smartphones but also smart TVs and air conditioners.
The new security upgrade is intended to protect users from exploits of their credentials, while simultaneously making logins more simple.
According to the announcement, all Samsung devices will utilize Knox Matrix and receive a unified SDK, whether they are based on Android, Tizen or another OS.
This comes alongside the company’s announcement of its new collaboration with Google to improve multi-smart device experiences in the home.
Samsung Electronics Announces Expanded Partnership With Google To Elevate Smart Home Experienceshttps://t.co/D50NmDtp0v October 12, 2022
Samsung has been active in expanding its footprint in the Web3 space.
A blog post from Blockdata on Aug. 16 revealed the company has been the most active investor in blockchain-related ventures since September 2021. According to the post, Samsung participated in 13 funding rounds within the industry after a nine-month period.
It recently backed an upcoming Web3 gaming studio, along with Samsung’s Asset Management division launching a blockchain exchange-traded fund in Hong Kong.
The managing director of Samsung Next also spoke out on the importance of building and investing in the Web3 space at this time.
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Savannah Fortis
Artificial intelligence (AI) is a mainstay in many Web3 activities. From nonfungible token (NFT) creation to fraud detection, it is integral to the roots of what makes up decentralized technology.
Mona, a Miami-based 3D metaverse development and Web3 social platform, unveiled an AI-powered 3D generator for material design. The tool allows designers and creators on the platform to input words into the AI mechanism to create materials for their personalized digital spaces.
The MonaAI Material Generator is similar to the AI image and design generator DALL-E. However, it focuses specifically on “seamless” and realistic textures to be used in a metaverse setting. Currently, over 4,500 designers are working on the platform and the will have access to the tool, according to Mona.
Mona co-founder and CEO Justin Melillo told Cointelegraph that AI is becoming increasingly more accessible to creators and metaverse developers. Especially with tools like the aforementioned DALL-E and now Mona’s 3D materials designer, more entrance barriers have bee removed.
“The goal over the next year is to make these tools even more accessible to more creators."
However, AI skeptics always turn to the fear of automated systems replacing human creativity. Melillo says that in the case of design and AI-assisted tools, they make building in the digital world more accessible, particularly for newcomers.
“Overall, AI should be seen as a tool for artists to help amplify their work, not replace it. There is no substitution for human creativity.”
Outside of cosmetic design use cases, AI is starting to be implemented in other metaverse design strategies. Such examples include its use to solve underpopulation issues and also to create unique playable scenarios for individual users.
The MonaAI Material Generator is one AI-powered mechanism that enables high-quality uniqueness in the digital world.
Regardless of the current quality, Melillo says AI is a tool which will help perpetuate the adoption of Web3.
“By making tools accessible that make the creation process easier, we can onboard more users to Web3 through the work they create and share via the blockchain.”
He says AI plays a “pivotal role” in the advancement of Web3 and the Metaverse and pushes both into the future.
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Brian Quarmby
Digital asset manager CoinShares has launched an experimental Twitter bot that will, in theory, enable users to check the estimated fair market value of specific nonfungible tokens (NFTs), though a few have been less than enthused about the estimates given.
The firm announced the bot dubbed CoinSharesNFTAI via Twitter on Oct. 13 and outlined that its algorithm is focused on aggregating different data sets from OpenSea to determine the supposed “fair price” of an NFT.
In the Twitter thread, CoinShares said, “Pricing NFTs is no easy task,” as their value is volatile and millions of them are available on the market, including ones with no trading history.
Some users weren’t so impressed by the NFT value estimates, such as Goblin Town NFT hodler systemic_bliss, commenting that CoinShares’ “model sucks” after it valued the NFT he bought for 2.694 Ether at just 0.88 ETH. Meanwhile, another said it “seems to be a bit off,” as the NFT in question was valued at 0.28 ETH by the bot despite having a floor of 0.48 ETH and a bid of 0.63 ETH.
Cointelegraph tried the bot using Seth Green’s well-known NFT Bored Ape Yacht Club (BAYC) #8398, which was recovered by Green in June for a $260,000 ransom after it was stolen by a hacker. The NFT currently has a “best offer” of 70.6 ETH on OpenSea and was valued at 79.65 ETH by the Twitter bot, worth $106,000 at the time of writing.
There are around 50 NFT projects on OpenSea supported at this stage, including blue chips such as the BAYC, Goblin Town, Pudgy Penguins and Cool Cats.
All of them are listed under the collections available this week, suggesting there is a weekly rotating list of supported collections.
The newly launched bot comes only days after the digital asset manager published a report on constructing an NFT price index, which its NFT bot is based on. In the report, quantitative trading analysts Yanis Bakhtaoui and Hugo Schnoering noted that:
“ERC-721 tokens are uniquely identified by an id and a set of properties, and cannot be interchangeable or divisible. This property makes these assets hard to price, as each NFT is unique.”
“These properties make the NFT market inherently illiquid: it is related to ask and bid, and if an owner does not want to sell his NFT, no one will be able to buy the same,” they added.
The report also outlines that market manipulation tactics such as wash trading — fraudulent transactions designed to pump prices — have had a key impact on NFT pricing. To use the bot, people just need to tweet CoinSharesNFTAI and provide a link to the token on OpenSea. It is not clear if other marketplaces will be supported moving forward.
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This Daily Dose was brought to you by Cointelegraph.
